JX Holdings will cut spending by almost 25 percent from 2016 to 2019, scaling back petrochemicals operations to concentrate on chemicals and raw materials.
The company’s spending for 2012-2015 was 1.3 trillion yen ($10.5 billion). This figure will drop to 1 trillion yen ($8.1 billion) in the next three-year cycle.
Revenues for the company fell 26 percent in the first quarter of 2015 after oil prices made a dramatic decline.
Through its group company JX Nippon Oil & Energy Corporation, JX Holdings operates some of Japan’s largest refineries, including Negishi, Kawasaki and Mizushima.
The holding company is also exploring merger and acquisition opportunities, a company spokesman told Bloomberg Business.
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